If you follow CNBC or Bloomberg be sure that the person providing "advice" and market color is trustworthy. As this clip illustrates Dennis Gartman is not a guy whose advice you should be following. He's the John Kerry of Wall Street. Peter Schiff on the other hand keeps saying the same thing day after day 'debt is bad' and 'gold is good'.
I checked to see if Schiff was right regarding Gartman's feelings about gold and he was right on the money. On August 24th Gartman was chicken little declaring that the gold bubble had burst and he had sold half of his holdings but wished he had sold everything.
By the way gold has had its ups and downs since the summer and is down about 2% since the summer but it is still trading above $1700 and is up about 20% YTD. I mean if you had bought quality blue chip stocks like BAC you would only be down 20% since August or 57% YTD. You decide. Banks or Gold. I'll chose gold.According to strategic investor and commodities expert Dennis Gartman the sell-off is not a buying opportunity at all – the buying opportunity is behind us.In fact, he thinks what’s happening right now is a classic sign of a top. “This was one of the great bubbles of our time.”"I pay great attention to something technicans call an outside reversal – that is, the market made an all-time new high – closed on the lows of the day – then closed below the previous day’s lows. If you don’t pay attention to that and don’t liquidate you’re going to find yourself in a lot of trouble."In fact, Gartman is putting his money where his mouth is."I sold a lot of gold in the last 54 hours – I wish I had sold everything and I wish I was short."